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20) In a double-entry accounting system, total debits must equal total credits for all entries, and total debit account balances in the ledger must equal total credit account balances. Answer: TRUE Difficulty: 1 Easy Topic: Debits and Credits Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Remember AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 21) Increases in liability accounts are recorded as debits. Answer: FALSE Difficulty: 2 Medium Topic: Debits and Credits Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 22) Debits increase asset and expense accounts. Answer: TRUE Difficulty: 2 Medium Topic: Debits and Credits Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 23) Credits always increase account balances. Answer: FALSE Difficulty: 2 Medium Topic: Debits and Credits Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making

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Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

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